AS-2
This query is : Resolved
05 September 2010
Hi
Sales were made in the month of March. But stock is not yet delivered to the customer. SO such stock can be included in valuation of closing stock as per AS-2 ?
Suppose if the stock is despatched in the month of April, then it amounts to be events occuring balance sheet date and accordingly adjust the financial statements???
Thanks...
Sales were made in the month of March. But stock is not yet delivered to the customer. SO such stock can be included in valuation of closing stock as per AS-2 ?
Suppose if the stock is despatched in the month of April, then it amounts to be events occuring balance sheet date and accordingly adjust the financial statements???
Thanks...
05 September 2010
In case the sales is booked, the inventory sold can be shown as goods in transit.
Message likes :
1 times
05 September 2010
As per AS-9 you can recognise sales only if risk and rewards related to good transfer to the other party. If risk is transfered to the buyer in March than u can't include the good in your closing stock as per AS-2.
and if no risk is transfered than u have to can't record it as a sale and you have to record goods as closing stock.
and if no risk is transfered than u have to can't record it as a sale and you have to record goods as closing stock.
Message likes :
2 times
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Fixe term employment
- Is any professional CA is here please reply
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Gift Received from nonblood relative
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Experts need help
- Section 50-fixed asset-->building ceases to exist
- Putting a heading on received mail
- Tax Audit u/s 44AB for Transport Business A proprietorship is engaged in transportation business and
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
